Match the Term with Its Definition

question 79

Multiple Choice

Match the term with its definition.
-The broad environment, encompassing factors that influence most businesses in a society

• A)focus strategies
• B)general environment
• C)industry environment
• D)intangible resources
• E)new benefit ideas
• F)new market ideas
• G)new technology ideas
• H)opportunity recognition

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Definitions:

Long-run Supply Curve

A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.

Competitive Industry

An industry with many firms competing against each other, with no single firm dominating the market.

Relevant Resources

Resources that are directly applicable and valuable in achieving a specific goal or solving a particular problem.

Decreasing-cost Industry

An industry in which costs per unit decrease as the scale of production increases.